TD Asset Management Inc Has $407.11 Million Stake in Cenovus Energy Inc (NYSE:CVE)

Key Points

• TD Asset Management Inc has reduced its stake in Cenovus Energy Inc by 13.9%, selling over 4.7 million shares, which leaves them with approximately 29.3 million shares valued at around $407 million.
• Other institutional investors are adjusting their holdings as well, with Mediolanum International Funds Ltd increasing its stake by 135.8%, indicating a mixed sentiment among hedge funds regarding Cenovus Energy.
• Cenovus Energy recently increased its dividend to $0.20 per share, reflecting a yield of 4.25%, which marks a positive change from their previous dividend payment of $0.11.

TD Asset Management Inc decreased its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 13.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,296,265 shares of the oil and gas company's stock after selling 4,714,562 shares during the quarter. TD Asset Management Inc owned approximately 1.61% of Cenovus Energy worth $407,105,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Capital World Investors lifted its stake in shares of Cenovus Energy by 15.8% in the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock valued at $2,901,131,000 after purchasing an additional 26,127,617 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Cenovus Energy by 48.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock valued at $196,935,000 after buying an additional 4,220,663 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Cenovus Energy by 91.7% in the 4th quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after buying an additional 3,460,311 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Cenovus Energy by 53.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,030,017 shares of the oil and gas company's stock valued at $111,698,000 after buying an additional 2,803,862 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Cenovus Energy by 105.0% in the 4th quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company's stock valued at $65,667,000 after buying an additional 2,221,549 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Cenovus Energy stock traded down $0.08 during midday trading on Wednesday, reaching $15.10. 9,590,010 shares of the company's stock were exchanged, compared to its average volume of 11,817,231. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $20.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.46. The firm has a market cap of $27.26 billion, a price-to-earnings ratio of 14.10 and a beta of 0.93. The stock's 50-day simple moving average is $14.05 and its 200 day simple moving average is $13.70.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. The company had revenue of $11.15 billion during the quarter, compared to analysts' expectations of $12.39 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. On average, analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.20 per share. This represents a dividend yield of 4.25%. The ex-dividend date of this dividend was Friday, June 13th. This is a boost from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's payout ratio is currently 54.21%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Royal Bank Of Canada restated an "outperform" rating and issued a $25.00 price objective on shares of Cenovus Energy in a research report on Friday, April 11th. The Goldman Sachs Group lowered their target price on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Wall Street Zen cut Cenovus Energy from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.